ABU DHABI, UAE – Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) have signed a wide-ranging framework agreement designed to extend and deepen the strategic energy partnership between the UAE and China.
The agreement outlines opportunities for possible future collaboration across ADNOC’s Upstream and Downstream value chains, while supporting China’s growing energy needs.
It establishes a mechanism for expansion of relations across multiple industry sectors, including exploration and production, technology support and transfer, research and development, and drilling and oilfield services.
Upstream, the two companies will examine potential exploration and development prospects across Abu Dhabi, including the six oil and gas blocks made available for competitive bidding earlier this year.
They will also consider developing a Technology Hub linked to theAl Yasat offshore/onshore concessions, in which CNPC has a 40%, facilitating the transfer of knowledge and technology related to Al Yasat.
The offshore concession area is under development and oil production is expected to start this year. The offshore area contains the Bu Haseer, Belbazem, Umm Al Dholou, Umm Al Salsal, and Yaser fields.